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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Thursday, August 13, 2009

The Case of the Goldman Sachs Trader Gone Wrong: Settlement Edition

Hey remember when the world was supposed to end over the Goldman boy gone bad who stole GS code to take over the world?


Via Securities Industry News:

A settlement is the most likely outcome of the Goldman Sachs code theft case, according to securities law experts.

That could be the ripple effect of a ruling by a U.S. District Court judge on Monday, who ruled that Goldman Sachs must provide former vice president Sergey Aleynikov with access to personnel records from his time at the company.

A deal is the most efficient and effective result for both the firm and its former employee, said Harvey Pitt, former chairman of the U.S. Securities and Exchange Commission, now chief executive officer of Washington, D.C.-based consulting firm Kalorama Partners LLC.
Read the rest of the article - click here


Anonymous said...

Goldman probably forced the settlement so that Sergey Aleynikov wouldn't have to take the stand in a trial and reveal what the true intent and capabilities of that "program" were. I would bet a silence order is part of the settlement to ensure he stays mum about the program. Darn. I was really wishing he would go whistleblower or at lesat take the stand and tell the world the truth.

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